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Move SIPP to SSAS

Including Financial Independence and Retiring Early (FIRE)
Cookie
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Move SIPP to SSAS

#200215

Postby Cookie » February 9th, 2019, 10:03 pm

I have both a SIPP with XO and a DIY SSAS I set up. I was wondering if it would be cheaper to transfer, either as cash or in the ETFs, to the SSAS for drawdown. I believe I could administer the drawdown my self and save on the normal costs

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Re: Move SIPP to SSAS

#200777

Postby Laughton » February 12th, 2019, 10:19 am

Hi Cookie,
I am interested in your post as I have a SSAS but don't you find that the SSAS admin costs are much higher than your SIPP?

I have been thinking about moving my SSAS if I can find an administrator that charges much lower fees or converting it into a SIPP where fees seem to be generally much lower. Can you definitely administer a SSAS yourself (I mean legally rather than practically)? My SSAS currently costs me about £3,000 per annum in admin fees. That wasn't such a problem when the fees were being paid by my company (tax deductible and VAT recoverable) but I am about to voluntarily liquidate the company and go into flexible drawdown on the SSAS so admin fees will be a drain on the the beneficiaries.

Cookie
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Re: Move SIPP to SSAS

#200810

Postby Cookie » February 12th, 2019, 12:07 pm

Laughton wrote:Hi Cookie,
I am interested in your post as I have a SSAS but don't you find that the SSAS admin costs are much higher than your SIPP?

I have been thinking about moving my SSAS if I can find an administrator that charges much lower fees or converting it into a SIPP where fees seem to be generally much lower. Can you definitely administer a SSAS yourself (I mean legally rather than practically)? My SSAS currently costs me about £3,000 per annum in admin fees. That wasn't such a problem when the fees were being paid by my company (tax deductible and VAT recoverable) but I am about to voluntarily liquidate the company and go into flexible drawdown on the SSAS so admin fees will be a drain on the the beneficiaries.


Yes, there is no legal requirement for any professional qualification and you just self certify. Its a lot of work to do this and you have to be on top of everything as there a hefty penalties, but its possible

I actually dont use the SSAS much now, I use a SIPP as they then do most of the admin and have a built in trading account

What trading account do you use by the way?

Laughton
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Re: Move SIPP to SSAS

#200814

Postby Laughton » February 12th, 2019, 12:23 pm

As I will be retired I'll have plenty of time to administer. Do you have a link to somewhere I can read up about self certification? Current administrator seem to like nothing more than telling me they need to submit updated valuations (all time costed naturally). Just think what I could do with that £3,000 pa saving although I suppose it would make life a lot more complicated for my wife should I predecease her.

I did come across these people who offer a fixed price SSAS admin service at, apparently, £945 plus VAT pa. Has anyone used them and if so would you care to share your views? https://ssaspractitioner.com/

I use three brokers for trading - iDealing.com, AJ Bell Youinvest and Hargreaves Lansdown.

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Re: Move SIPP to SSAS

#221285

Postby Laughton » May 13th, 2019, 12:56 pm

So, I am in the process of moving my administrator from Mattioli Woods who are very expensive to ssas practitioners who charge £995 per year to do the administration. They are not though a professional trustee which I didn't think would be a problem but AJ Bell has now told me that they are not prepared to allow the account to remain open without a professional trustee.

That's going to mean selling my AJ Bell holdings or transferring the holdings to another platform @ £25 per holding. Oh dear, yet another cost :roll: .

Can anyone who operates a SSAS without a professional trustee suggest another low cost platform (other than Hargreaves Lansdown or iDealing) as still fairly keen to spread the holdinsg amongst more than two platforms (maybe I'm being too cautious).

Cookie
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Re: Move SIPP to SSAS

#236500

Postby Cookie » July 13th, 2019, 9:08 pm

Sorry, not on here much, so been a while

I think you'll be limited to platforms that except trusts

When looking for business/Ltd account (non pension), H&L was the cheapest for me, with limited trading and sticking with shares/ETFs

I believe you'll need an LEI now, not massively expensive, but still cost. I paid around £45/yr

I found easier to transfer to SIPP with minimal admin charges and headaches

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Re: Move SIPP to SSAS

#236634

Postby Laughton » July 14th, 2019, 7:09 pm

Thanks Cookie,

AJ Bell holdings all now en-route to Hargreaves Lansdown, minus the cash which AJ Bell insist has to go back to the pension fund bank account (they were happy to accept the cash when I transferred to them from Barclays).

I had thought about converting the SSAS to SIPPs - but couldn't work out what if any the disadvantages would be. As you say, SIPPS seem to be simpler and cheaper to operate and now that we won't be putting any more funds into the SSAS maybe it's outlived its usefullness??

Cookie
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Re: Move SIPP to SSAS

#236915

Postby Cookie » July 15th, 2019, 11:41 pm

Laughton wrote:Thanks Cookie,

AJ Bell holdings all now en-route to Hargreaves Lansdown, minus the cash which AJ Bell insist has to go back to the pension fund bank account (they were happy to accept the cash when I transferred to them from Barclays).

I had thought about converting the SSAS to SIPPs - but couldn't work out what if any the disadvantages would be. As you say, SIPPS seem to be simpler and cheaper to operate and now that we won't be putting any more funds into the SSAS maybe it's outlived its usefullness??


For me I wanted to invest in P2P, but this changed for me and went back to shares

I think you can also do something with any business premises you may have with a SSAS

I was also not sure about drawdown costs, I have kept ours open with minimal cash in it, so when I get chance (!) to look at draw down costs I might find it saves there???

I'm currently having a disagreement with H&L as I want to use the Monthly Saving £1.50 investment charge, but they are not letting me put large amount s in this way


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